Jim Cramer Discusses Home Depot's Rally

The Home Depot, Inc. (NYSE:HD) is one of the stocks Jim Cramer spoke about recently. While discussing market’s resilience outside tech, Cramer mentioned the stock and said:

“There’s another reason the S&P and especially the Dow held up so much better than Nasdaq. Whenever investors start fleeing from tech, something they do very rarely, I know, they swap into industrials or the financials or even the healthcare stocks, including ones that reported bad numbers.

Their stocks were surprisingly buoyant today. Now, some of these moves have a lot to do with people hoping that yesterday’s quarter-point Fed rate cut would actually do something to help the broader economy, which we know is sluggish, including housing, which is how Home Depot still managed to rally. And by the way, that’s my go-to stock… for both the store and for home improvement. I always like to have a couple stocks that I follow very closely to be sure that I am right about the market.”

The Home Depot, Inc. (NYSE:HD) provides building materials, home improvement, and decor products, along with installation and equipment rental services. Cramer mentioned the stock during the October 14 episode and stated:

“Perhaps the worst acting stock in the Charitable Trust of late is Home Depot. It’s been straight down like it’s wearing cement galoshes, about to get swimming in the Mississippi. Not today. The despot and its doppelganger, Lowe’s, came roaring back today. That’s the real economy once again, not the data center.”

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Disclosure: None. This article is originally published at Insider Monkey.